NNPC signs $3bn oil, gas development deal- Baru

Dr Maikanti Baru, Group Managing Director, Nigerian National Petroleum Corporation (NNPC), said the corporation had signed over three billion dollars oil and gas development deal to ensure development in the sector.

Baru said this while speaking on investment in the Oil and Gas Industry at the ongoing 7th OPEC International Seminar on Thursday in Vienna, Austria.

He said that the deal was a third party financing deals with international banks adding that oil revenue remained vital for building the nation’s economy.

Group Managing Director of the NNPC, Dr Maikanti Baru

He said the NNPC recognised the challenge as well as the opportunity oil demand growth presented for the country.

“The balance of objectives requires that we undertake a paradigm shift in our business model to ensure that we attract capital and sustain flow of investment.

“Much more, the recent fiscal challenge experienced by the nation places a burden for change; hence we have undertaken to broaden the base of investment sources outside traditional government funding.